-- Hal Kvisle was appointed President and Chief Executive Officer on
September 10, 2012, and has set four strategic priorities for the
company.
-- Production was 426,000 boe/d, exceeding guidance. Liquids growth in
Southeast Asia, Colombia and the Eagle Ford, and higher gas volumes in
North America, offset North Sea declines.
-- Cash flow(1) for the year was $3 billion, down 12% compared to 2011 due
to lower North American natural gas prices and lower North Sea volumes,
partially offset by growing volumes in Asia. Cash flow per share(1) was
$2.95 versus $3.36 in 2011.
-- Fourth-quarter net income was $376 million compared to a loss of $117
million the previous year. Net income for the year was $132 million,
compared to $776 million in 2011.
-- The company completed $2.5 billion in asset sales, including the sale of
a 49% equity interest in Talisman's UK North Sea business to Sinopec for
$1.5 billion.
-- In Southeast Asia, Talisman assumed operatorship of the Kinabalu PSC in
Malaysia in December.
-- The company announced a significant oil discovery in Kurdistan.
-- Talisman reduced net debt(1) to $3.7 billion at year-end, from $4.5
billion at the end of the third quarter.

"At the end of October 2012, Talisman announced a shift in strategic direction, and several months in, we are making progress," said Hal Kvisle, President and CEO. "Our overriding objective is to significantly improve total shareholder returns by improving cash margins on the barrels we produce, more careful allocation of capital and better execution within a focused portfolio.

"Within this context, we have set four strategic priorities. First, we will live within our means, reducing investment to live within cash flow. We will strengthen our balance sheet, allowing us to respond to quality opportunities within our core regions. Our 2013 capital budget has been set at approximately $3 billion, a 25% reduction from 2012.

(1) The terms "cash flow" "cash flow per share" and "net debt" are non-GAAP measures. Please see the advisories and reconciliations elsewhere in this news release.

"As a second priority, we will invest in a smaller number of high-value projects that come onstream and generate positive cash flows quickly. We will reduce our global exploration budget and focus our exploration expertise on shorter-cycle opportunities within core regions including Vietnam, Malaysia, Indonesia and Colombia. We will accelerate development opportunities that bring early production, and we will optimize existing assets to maximize both production and value per barrel.

"Our third priority is to build our competitive position in all core regions. In Western Canada, we will develop our best opportunities in the Edson-Duvernay-Montney core region, augmenting our large producing assets in that region and taking advantage of our extensive gathering and processing infrastructure. We have significantly reduced drilling times in the Montney, and we will work to replicate that success in our Eagle Ford program. We will continue to divest assets within North America as we focus on growing our best positions in line with our financial capacity.

"In Southeast Asia, we have acquired the Kinabalu producing property in Malaysia and we will proceed with both the development of this asset and exploration of our nearby landholdings. We are completing the HST/HSD development in Vietnam, with first production expected in the third quarter of 2013, and we will continue to focus on Corridor, Jambi Merang and new opportunities in Sumatra.

"In the UK North Sea, we closed our joint venture with Sinopec, which reduced our ownership to 51%. With the participation of Sinopec we will effectively double what we would otherwise be able to invest in UK assets, improving reliability and efficiency, increasing the reserves and remaining life of these assets.

"As a fourth priority, we will drive operational excellence in every part of our business. G&A costs are coming down, operating costs are under scrutiny and capital spending has been reduced and high-graded. We have many opportunities to do things 'better, faster, safer and at lower cost', and we will pursue these opportunities with vigour.

"There is more to do, and we will continue to move deliberately and constantly to improve profitability and grow shareholder value. As we will demonstrate in March, our 2013 business plan is about increased focus, unlocking value, delivering results and rebuilding confidence in the assets and future direction of Talisman."

Financial Results

The financial information contained in this release is unaudited. The company expects to file its audited Consolidated Financial Statements for the year ended December 31, 2012, along with the related Management's Discussion and Analysis, Annual Information Form and Annual Report on Form 40-F by March 6, 2013. The company will also announce its capital spending plans for 2013 on March 6, 2013. For additional information, please visit Talisman's website at www.talisman-energy.com.

Cash flow for the year was $3 billion, down 12% compared to 2011 due to lower North American natural gas prices and lower North Sea volumes, partially offset by higher volumes in Southeast Asia. Cash flow in the fourth quarter over the third quarter was relatively flat, adjusting for the sale of Talisman's UK North Sea assets.

Earnings from operations, which exclude non-operational items, was $95 million in 2012, down as a result of lower North American gas prices, reduced production from the North Sea, increased operating costs and increased DD&A.

DD&A expense was $2.5 billion, compared to $1.9 billion in 2011 as a result of increased volumes from higher rate fields as well as increased rates in North America and the North Sea based on costs incurred, reserves adds and increases in decommissioning expenditure estimates during the year. Nearly one-third of the increase relates to a one-time charge of approximately $190 million taken in the fourth-quarter for the write-down of proved developed reserves in the Auk field in the UK and in the Lynx/Palliser area in Canada. The Auk Area Redevelopment project has been placed back into the pre-sanction stage, resulting in the removal of all proved reserves, including those in the existing producing field. However, a re-evaluation of development options is expected in 2013.

Net income was impacted by lower North American gas prices, reduced production from the North Sea, increased operating costs, higher DD&A and a number of one-time, non-cash asset impairments. This was partially offset by a gain on disposals, including the sale of non-core assets in North America and the sale of a 49% equity interest in Talisman's UK North Sea business, a gain on the revaluation of the Ocensa pipeline in Colombia and lower current and deferred tax.

Asset impairments totalled $2.7 billion, pre tax ($1.1 billion after tax), largely due to uncertainties with the Yme development in Norway ($1.6 billion pre tax, $401 million after tax), reserve revisions for the Rev field in Norway, the exit from Peru and other adjustments in the North Sea and North America.

(2) The terms "earnings (loss) from operations" and "earnings (loss) from operations per share" are non-GAAP measures. Please see the advisories and reconciliations elsewhere in this news release.

Current taxes decreased due principally to lower production in the North Sea, partially offset by increased revenues in Southeast Asia.

Deferred tax recovery reflects the tax benefits associated with impairment charges, particularly in the North Sea, partially offset by a $429 million reduction of deferred tax assets in the U.S.

Exploration and development spending(3) for the year totalled $4 billion. Over the course of the year, Talisman reduced spending on North American natural gas and increased spending on liquids; this trend will continue in 2013. Net debt levels were reduced to $3.7 billion, compared to $4.5 billion at the end of the third quarter.

WTI and Brent prices were relatively flat year over year; NYMEX was down year over year but prices have started to recover over the past two quarters.

For the year, Talisman's realized oil and liquids prices decreased by 2% to $104.82/barrel, consistent with movement in the benchmark prices. Talisman's realized natural gas prices decreased by 15%, largely due to reduced North American natural gas prices, consistent with decreases in NYMEX and AECO. Southeast Asia natural gas prices remained relatively flat at $9.28/mcf. A substantial percentage of the company's gas production in the region is linked to oil-based indices.

In 2012, Talisman's average gross netback was $29.13/boe, 22% lower than 2011 due primarily to lower North American natural gas prices. The company's oil and liquids netback decreased by 14% with higher operating costs and widening differentials in some regions. Natural gas netbacks decreased by 27%, largely as a result of lower North American natural gas prices.

(3) The term "exploration and development spending" is a non-GAAP measure. Please see the advisories and reconciliations elsewhere in this news release.

Production averaged 426,000 boe/d, flat year over year. Gains in Southeast Asia, liquids growth in Colombia and the Eagle Ford and higher natural gas volumes in North America were offset by declines in the North Sea.

Production from ongoing operations increased by 4% over 2011, reflecting the impact of non-core asset sales in North America and the completion of the UK joint venture. From December 17, 2012 going forward, Talisman's recorded share of production in the UK North Sea will be 49% lower, with the sale of an equity interest in Talisman's UK North Sea business to Sinopec. As a result of the Sinopec transaction, Talisman's 2012 year-end UK exit rate was 22,000 boe/d.

Talisman Working Interest Reserves (before deduction of royalties)

All of the reserves estimates in this document are based on Canadian regulations, which utilize forecast pricing and costs. The company also estimates proved reserves according to SEC regulations, utilizing historic 12-month average pricing. The difference between the results of the two methods is less than 2%, or approximately 20 million boe. The following discussion refers to proved and probable reserves estimates based on Canadian regulations unless otherwise noted. Proved plus probable (2P) reserves, under NI 51-101 definitions, represent the company's expected recoverable reserves.

At the end of 2012, Talisman's 2P reserves totalled 1.7 billion boe, which equates to a reserve life index of 11 years. The company added (discoveries, extensions, and additions plus other revisions) approximately 31 million boe of 2P reserves (18 million boe proved) in the liquids-rich Eagle Ford shale play, 26 million boe 2P reserves (19 million boe proved) in the Montney shale, 11 million boe 2P reserves (five million boe proved) in Wild River, Canada, and seven million boe 2P reserves in Corridor, Indonesia.

In 2012, management took decisions to high-grade capital spending programs, optimize projects and focus the portfolio, which had a major impact on reserves. In the Marcellus dry gas shale play, capital spending has been reduced significantly, which led to negative reserve additions (discoveries, extensions, and additions plus other revisions) of approximately 38 million boe of 2P reserves (91 million boe proved). These negative additions reflect uncertainty in the timing of development, not technical certainty.

In the North Sea, development of the Auk South and Yme projects have been deferred, resulting in negative additions (discoveries, extensions, and additions plus other revisions) of approximately 56 million boe of 2P reserves (44 million boe proved). The negative additions in the North Sea also primarily reflect uncertainty in the timing of development, not technical certainty.

As part of the decision to focus the portfolio, Talisman announced it will exit Peru, with a reduction of approximately 21 million boe of 2P reserves.

The company expects to provide details on its contingent resource position on March 6, 2013.

In North America, Talisman continues to pursue liquids opportunities, while evaluating options to monetize its large natural gas resource base. As part of the strategic priority to live within its means and against the backdrop of continuing weak gas prices, Talisman has announced plans to focus the North America portfolio in order to match future capital requirements with the underlying cash flow generating capacity of the company.

Highlights for 2012 include growth in the liquids-rich Eagle Ford shale play, strong performance in the Marcellus (despite a significant reduction in capital due to low natural gas prices), and approximately $1 billion in non-core asset dispositions.

Production grew by 11% in 2012 (with liquids production increasing by 17%), primarily from the Marcellus, Eagle Ford and Montney plays. Overall production was down slightly versus the previous quarter, reflecting limited investment in dry gas plays.

Exploration and development spending for 2012 was $1.6 billion, down from $2.2 billion a year earlier as Talisman reduced its activities in dry gas areas. Fourth-quarter exploration and development spending was $316 million, down from $679 million in the fourth-quarter of 2011. The company reduced its dry gas rig count from 21 in 2011 to four in 2012, including three rigs in the Montney joint venture.

In the Eagle Ford, Talisman ended the year with nine drilling rigs. In 2012, the company spent $740 million, drilled 115 (gross operated) wells and currently has approximately 50 wells waiting for completion. Production for the quarter averaged 19,000 boe/d, a 27% increase over the third-quarter. Over the course of the year, Talisman concluded a number of midstream contracts to ensure egress capacity in the region. As planned, Statoil and Talisman are working toward transitioning to shared operatorship of the Eagle Ford during 2013.

In the Marcellus, in response to low natural gas prices, Talisman ended the year with one operated rig. The company has an inventory of approximately 50 drilled, uncompleted wells, which will be completed once natural gas prices improve. Talisman expects to continue with limited drilling in the region in order to maintain its strategic low-cost land position. In 2013, Talisman will complete the North Chaffee infrastructure project, which will allow the company to bring on wells and generate additional cash flow.

In Western Canada, Talisman has a significant competitive advantage in the Edson, Duvernay and Montney plays, driven by the company's extensive infrastructure, large contiguous land holdings, strong business relationships and experienced operating teams. Moving forward, Talisman will focus its Canadian capital programs on this large core region, known as Edson-Duvernay-Montney (EDM).

In the liquids-rich Duvernay, Talisman has drilled (rig released) five wells to date as part of its appraisal program on its 347,000 net acre position in the play.

The company completed the sale of approximately $1 billion of non-core assets during the year, with the disposition of its Sukunka coal assets in British Columbia and assets in West Whitecourt, Alberta and Shaunavon, Saskatchewan.

Southeast Asia accounts for approximately one-third of Talisman's production. Talisman continues to grow production in Southeast Asia with business fundamentals supported by strong energy demand and high natural gas prices. Talisman set another regional production record in 2012 through facilities optimization and continued successful development drilling. The company has a new development underway in Vietnam at HST/HSD and a new producing licence in Malaysia at Kinabalu, both of which will add volumes in 2013.

Production averaged 129,000 boe/d, an increase of 8% over 2011. Fourth-quarter volumes averaged 125,000 boe/d, up 1% from the previous quarter following completion of planned maintenance. Natural gas production for the quarter averaged 511 mmcf/d, with prices averaging $8.86/mcf.

In Malaysia, annual production averaged 37,000 boe/d, up slightly over last year with ongoing development drilling in the Northern Fields. The increase over the same period last year was due to planned annual maintenance in the fourth quarter of 2011. On December 26, Talisman successfully assumed operatorship at Kinabalu, which provides near-term exploration and development upside.

In Indonesia, annual production was up slightly over last year, with the ramp-up at Jambi Merang and increased volumes at Tangguh largely offset by the Suban field unitization at Corridor. Underlying production increased by 8% compared to 2011 (after accounting for Suban unitization). Fourth-quarter production fell due to planned maintenance at Corridor and Tangguh. As part of its objective to focus our core areas, Talisman has agreed to sell its 5.03% interest in Offshore Northwest Java to Pertamina, subject to final approvals.

In Vietnam, the HST/HSD development is progressing on schedule and on budget, with two jackets now installed and the drilling rig on location. Pipeline tie-ins are complete and development drilling is in progress. First production is planned for the second half of 2013.

The Kitan field in Australia/Timor Leste continues to exceed expectations, producing an average of 9,300 boe/d in 2012, with a full year of operations.

(i)2012 production reflects closing of Sinopec joint venture in mid-December.

North Sea volumes are predominantly high-value liquids. Production has fallen over the previous year, largely due to underinvestment in recent years contributing to asset reliability challenges as well as reduced production capability. Fourth quarter performance was particularly challenging as a result of extended turnarounds, planned and unplanned maintenance as well as the continued impact of the Galley pipeline being out of service. In 2013, the focus is to improve the reliability of existing assets and the execution of economic redevelopment and life extension projects.

In December, Talisman sold 49% of its UK business to Sinopec for $1.5 billion and established the Talisman Sinopec Energy UK Limited joint venture. The joint venture will lead to increased investment in order to improve reliability and operational efficiency and fund infill drilling, major projects and select infrastructure-led exploration, thereby extending field life and deferring decommissioning.

During 2012, Talisman announced plans to proceed with redevelopment of the Montrose area following announcement of a Brown Field Allowance by the UK government. The project involves integration of established fields and infrastructure with two undeveloped fields. Production is expected in 2016.

In the fourth quarter, the grouting repair to stabilize the Yme platform commenced. Management continues to work with all stakeholders to evaluate project options.

Colombia

In 2012, average daily production was 17,000 boe/d, an increase of 27% over the previous year. The project to expand gas compression and pipeline facilities at Piedemonte is underway and will create capacity for additional liquids production starting in 2014. In addition, a number of successful development wells were drilled during the year. The company's interest in the Ocensa pipeline, previously held through its Equion joint venture, is now directly owned by Talisman following a corporate reorganization in the fourth quarter. The pipeline continues to operate at full capacity and Talisman plans to market and charge release capacity fees from third parties, creating a new profit centre for the company. Consistent with accounting conventions for non-cash transfers of this nature, Talisman revalued its investment in Ocensa to fair value, creating a gain of $245 million after tax.

In the Foothills region, the Huron-2 appraisal well in the Niscota block reached total depth and is awaiting testing. The Huron-3 well has resumed drilling after receiving environmental approvals.

In the heavy oil region, Talisman commenced a seven-well appraisal drilling program in Block CPO-9, with the intention of flowing the wells on extended well test. In Block CPE-8,Talisman also spudded and completed the first stratigraphic well and has spudded the second stratigraphic well.

International Exploration

In 2012, Talisman completed seven drill stem tests of the Kurdamir-2 well, which have demonstrated the presence of an oil column of at least 145 metres lying beneath a gas cap. The Oligocene reservoir tested at up to 3,700 bbls/d, with no free water encountered. Talisman is about to drill the Kurdamir-3 appraisal well, which will evaluate the down flank extension of the oil column. Talisman has started a 3D seismic acquisition program over the Topkhana and Kurdamir blocks, and expects to complete this work in 2013.

In Papua New Guinea, the company farmed out approximately 20% in nine licences to Mitsubishi Corporation at a value of approximately $280 million. A number of successful exploration and appraisal wells were drilled during the year as the company continued its natural gas aggregation program. Planning for the Stanley condensate recovery scheme is underway; however government approval is still required. First production is expected in 2014.

In Sierra Leone, Talisman completed drilling of the deepwater Djembe-1 exploration well, and the well has been plugged and abandoned.

In line with the reduced capital budget and with the focus on near-term cash flow, exploration activity is being focused in the company's core regions, plus Colombia and Kurdistan.

Common Share and Preferred Share Dividend Declaration

The company has declared a quarterly dividend on the company's common shares of US$0.0675 per share. The dividend will be paid on March 29, 2013 to shareholders of record at the close of business on March 11, 2013.

The company has also declared a quarterly dividend of C$0.2625 on its Cumulative Redeemable Rate Reset First Preferred Shares, Series 1. The dividend will be paid on April 1, 2013 to shareholders of record at the close of business on March 11, 2013.

Talisman Energy Inc. is a global upstream oil and gas company, headquartered in Canada. Talisman has three main operating areas: the Americas (North America and Colombia), Southeast Asia and the North Sea, with an active exploration program across all three. Talisman is committed to conducting business safely, in a socially and environmentally responsible manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is listed on the Toronto and New York stock exchanges under the symbol TLM. Please visit our website at www.talisman-energy.com.

Forward-Looking Information

This news release contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding: business strategy, priorities and plans; expected capital budget and expected focus of spending; expected timing of providing 2013 capital spending guidance, resource estimates and filing of the 2012 annual documents; expected spending reduction on exploration; expected benefits of the joint venture in the UK and focus of the UK business in 2013; planned improvements in operational and cost performance; expected action to reduce G&A; planned exploration efforts in Colombia, Vietnam, Malaysia, Indonesia and Kurdistan; expected monetizing and focusing of the North America portfolio; planned transition to shared operatorship with Statoil in the Eagle Ford; expected drilling and infrastructure project in North America; expected additional production and timing of production from HST/HSD, Kinabalu, the Montrose area redevelopment and the Stanley condensate recovery scheme; planned marketing and tariffs, and related profits, from Ocensa pipeline; expected capacity for additional liquids production through the Piedemonte facilities expansion; planned seismic acquisition in Kurdistan and other business strategy, plans and priorities.

The factors or assumptions on which the forward-looking information is based include: assumptions inherent in current guidance; projected capital investment levels; the flexibility of capital spending plans and the associated sources of funding; the successful and timely implementation of capital projects; the continuation of tax, royalty and regulatory regimes; ability to obtain regulatory and partner approval; commodity price and cost assumptions; and other risks and uncertainties described in the filings made by the company with securities regulatory authorities. The company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Forward-looking information for periods past 2012 assumes escalating commodity prices.

Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks that could cause actual results to vary and in some instances to differ materially from those anticipated by Talisman and described in the forward-looking information contained in this news release. The material risk factors include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable facilities outages; risks and uncertainties involving geology of oil and gas deposits; uncertainty related to securing sufficient egress and markets to meet shale gas production; the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk; the uncertainty of estimates and projections relating to production, costs and expenses; the impact of the economy on the ability of the counterparties to the company's commodity price derivative contracts to meet their obligations under the contracts; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; the outcome and effects of any future acquisitions and dispositions; health, safety and environmental risks; uncertainties as to the availability and cost of financing and changes in capital markets; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action); changes in general economic and business conditions; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; and results of the company's risk mitigation strategies, including insurance and any hedging activities.

The foregoing list of risk factors is not exhaustive. Additional information on these and other factors, which could affect the company's operations or financial results, are included in the company's most recent Annual Information Form. In addition, information is available in the company's other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission (SEC). Forward-looking information is based on the estimates and opinions of the company's management at the time the information is presented. The company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.

Unless the context indicates otherwise, references in this news release to "Talisman" or the "company" include, for reporting purposes only, the direct or indirect subsidiaries of Talisman Energy Inc. and the partnership interests held by Talisman Energy Inc. and its subsidiaries. Such use of "Talisman" or the "company" to refer to these other legal entities and partnership interests does not constitute waiver by Talisman Energy Inc. or such entities or partnerships of their separate legal status, for any purpose.

The completion of any contemplated disposition or acquisition is contingent on various factors, including favourable market conditions, the ability of the company to negotiate acceptable terms of sale and receipt of any required approvals for such disposition.

Oil and Gas Information

National Instrument 51-101 ("NI 51-101") of the Canadian Securities Administrators imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities. Talisman has obtained an exemption from Canadian securities regulatory authorities to permit it to provide certain disclosures in accordance with the US disclosure standards, in addition to the disclosure mandated by NI 51-101, in order to provide for comparability of oil and gas disclosure with that provided by US and other international issuers. Accordingly, in addition to the reserves data and certain other oil and gas information included in this news release, provided in accordance with NI 51-101, some is provided in accordance with US disclosure standards.

A separate exemption granted to Talisman also permits it to disclose internally evaluated reserves data. Any reserves data contained in this news release reflects Talisman's estimates of its reserves. While Talisman annually obtains an independent audit of a portion of its proved and probable reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of the reserves data disclosed in this news release.

The reserves life index (RLI) of 11 years for proved plus probable reserves for the company was calculated by dividing the year-end proved plus probable reserves by the company's 2012 production.

In 2012, there were no proved reserves additions in Corridor, Indonesia.

Throughout this news release, Talisman makes reference to production volumes. Unless otherwise stated, such production volumes are stated on a gross basis, which means they are stated prior to the deduction of royalties and similar payments. In the US, net production volumes are reported after the deduction of these amounts.

Barrel of oil equivalent (boe) throughout this news release is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil (bbl). This news release also includes reference to mcf equivalents (mcfes), which are calculated at a conversion rate of one barrel of oil to 6,000 cubic feet of gas. Boes and mcfes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl and an mcfe conversion ratio of 1 bbl: 6 mcf are based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Talisman also discloses its company netbacks in this news release. Netbacks per boe are calculated by deducting from sales price associated royalties, operating and transportation costs.

In this news release, all references to "core" or "non-core" assets and properties align with the company's current public disclosures regarding its assets and properties.

Non-GAAP Financial Measures

Included in this news release are references to financial measures commonly used in the oil and gas industry such as cash flow, earnings (loss) from operations, exploration and development spending and net debt. These terms are not defined by International Financial Reporting Standards (IFRS). Consequently, these are referred to as non-GAAP measures. Talisman's reported results of such measures may not be comparable to similarly titled measures reported by other companies.

(1) Q4 11 and year-to-date 2011 include a provision for a doubtful account of $22 million (net of tax).

(2) Pennsylvania impact fee amount represents the one-time impact of the retrospective application of the legislation to wells drilled pre-2012.

Cash flow, as commonly used in the oil and gas industry, represents net income before exploration costs, DD&A, deferred taxes and other non-cash expenses. Cash flow is used by the company to assess operating results between years and between peer companies using different accounting policies. Cash flow should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined in accordance with IFRS as an indicator of the company's performance or liquidity. Cash flow per share is cash flow divided by the average number of common shares outstanding during the period. Diluted cash flow per share is cash flow divided by the diluted number of common shares outstanding during the period, as will be reported in the year-end Consolidated Financial Statements to be filed on March 6, 2013. A reconciliation of cash provided by operating activities to cash flow is provided above.

Earnings (loss) from operations are calculated by adjusting the company's net income (loss) per the financial statements for certain items of a non-operational nature, on an after-tax basis. The company uses this information to evaluate performance of core operational activities on a comparable basis between periods. Earnings (loss) from operations per share are earnings (loss) from operations divided by the average number of common shares outstanding during the period. Diluted earnings (loss) from operations per share are earnings (loss) from operations divided by the diluted number of common shares outstanding during the period, as will be reported in the year-end Consolidated Financial Statements to be filed on March 6, 2013. A reconciliation of net income (loss) to earnings (loss) from operations is provided above.

Net debt is calculated by adjusting the company's long-term debt per the financial statements for bank indebtedness, cash and cash equivalents. The company uses this information to assess its true debt position and eliminate the impact of timing differences.

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In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.

The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location.
In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...

Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value.
In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.

In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential.
Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...

SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York.
The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY.
"The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...

Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...

"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.

What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...

Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation.
In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...

As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...

Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities.
Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.

With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterp...

Almost a year ago, I wrote these words, "Technology has reached the tipping point for me, it moved from a help to a hindrance." The plethora of adrenaline- and endorphin-inducing mobile apps, 24x7 news, notifications, alerts and updates, drip fed my brain and hindered my "deep work and deep thoughts." In Cal Newport's new book titled, Deep Work he posits that most knowledge workers need concentration and substantial time, dedicated and uninterrupted, to produce their best work. He argues that a lot of technologies and open office layouts today inhibit creativity, "deep work" and "deep thoughts...

When was the last time you’ve ever heard anyone say “IT Applications & Operations”? Frankly, in my 30+ year career in IT, I don’t believe I’ve ever heard anyone use this term. The typical term we hear is IT Infrastructure & Operations. These two go together like Peanut Butter and Jelly, which tells us a lot about how we view the field of IT. For those that may not be familiar with the role of IT Operations, Joe Hertvik does a great job here of describing IT Operations Management as someone engaged in the role of providing this service to the business. As you can see it’s very interesting how ...

This is a guest post from Cloudinary, a cloud-based image and video management solution. We are always looking for ways to help companies deliver digital experiences that will meet customers expectations in terms of content and performance. Tackling these 5 challenges is a good step towards delivering a top-notch digital experience.
We are in the midst of a great evolution when it comes to website design. Formerly text-heavy sites now rely on eye-catching images and video to draw in visitors, improve engagement rates and drive readership. These results are proven. Articles with relevant ima...

The holiday season is nearly upon us (I’ve already heard Christmas songs being played…really?) and retailers are usually the big winners during the holiday season. However, leading retailers are already thinking beyond the current holiday season, and not just from marketing and merchandising perspectives. These leading retailers are considering how this holiday season – and the resulting wealth of customer, product and operational data – can be converted into new analytic insights that can be used to optimize key business processes, uncover new monetization opportunities and create a more comp...

I was on a high-rise construction site 34-floors above the city. I was talking to the construction crew when a fight broke out. There was an explosion and the floor collapsed. I removed the virtual reality (VR) goggles and laughed. It was so real. The VR solutions provided an incredible experience, almost like being there. As good as my experience was, it was not reality. It was a controlled pre-programmed experience - a notional idea. Today, however, VR and sensor technologies enable a notional idea to become reality – a Real-Reality.

The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals, as experts estimate that “as-a-service” cloud sourcing will increase from today’s 15% to 35% by 20...

Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York
The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York.
Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flows, processes and sensor data, and analyze/react to real-time events and messages as well as big dat...

As we enter the final week before the 19th International Cloud Expo | @ThingsExpo in Santa Clara, CA, it's time for me to reflect on six big topics that will be important during the show. Hybrid Cloud: This general-purpose term seems to provide a comfort zone for many enterprise IT managers. It sounds reassuring to be able to work with one of the major public-cloud providers like AWS or Microsoft Azure while still maintaining an on-site presence.

Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?

Multiple agencies across the U.S. government are paying closer attention to the software they are buying. More specifically, they want to know what open source and third party components were used to build the software applications. The report notes:
U.S. Food and Drug Administration (FDA) wants to know what open source components are being used in medical devices.

2016 brought about more cyberattacks than we thought possible, especially involving ransomware, and we definitely won't see that trend breaking stride in 2017. By next year, we expect every single adult in the US will know a blood relative that has had their identity stolen - the Internal Revenue Service reported that 2.7 million people had their identities stolen in 2014 and according to TransUnion, 19 people fall victim to identity theft every minute.

In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential.
Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at Dice, he takes a metrics-driven approach to management. His experience in building and managing high ...

For large enterprise organizations, it can be next-to-impossible to identify attacks and act to mitigate them in good time. That’s one of the reasons executives often discover security breaches when an external researcher — or worse, a journalist — gets in touch to ask why hundreds of millions of logins for their company’s services are freely available on hacker forums.
The huge volume of incoming connections, the heterogeneity of services, and the desire to avoid false positives leave enterprise security teams in a difficult spot. Finding potential security breaches is like finding a tiny ne...

Monitoring of Docker environments is challenging. Why? Because each container typically runs a single process, has its own environment, utilizes virtual networks, or has various methods of managing storage. Traditional monitoring solutions take metrics from each server and applications they run. These servers and applications running on them are typically very static, with very long uptimes. Docker deployments are different: a set of containers may run many applications, all sharing the resources of one or more underlying hosts. It's not uncommon for Docker servers to run thousands of short-te...

Cloud computing budgets worldwide are reaching into the hundreds of billions of dollars, and no organization can survive long without some sort of cloud migration strategy. Each month brings new announcements, use cases, and success stories.